Stock Market Intermediaries service providers. Their role is link different segments of the market. SEBI has introduced a number of intermediaries equipped with specialised skills and expertise to be available to the common investors, to carry out and assist them with a package of investment services. It is the role of SEBI to approve, register all these intermediaries and to regulate their functioning to provide a risk-free environment in the Stock Market.

SEBI regulates the functioning of the intermediaries and takes steps for the orderly and smooth flow of tasks in the market. SEBI's role and functions with reference to the intermediaries include inter-alia

1. registering and regulating the working of stock brokers, sub-brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers and such other intermediaries who may be associated with securities markets in any manner.

2. registering and regulating the working of the depositories, participants, custodians of securities, foreign institutional investors, credit rating agencies and such other intermediaries as the Board may, by notification, specify in this behalf.

3. registering and regulating the working of venture capital funds and collective investment schemes including mutual funds;

A detailed list of market intermediaries registered with SEBI as at 30.11.2002 is given below:

You may have to deal with some of the intermediaries as an investor. But it is more important for you to know about all intermediaries as a Bank officer or as a student of finance and financial services. The primary role of SEBI is to regulate and standardise the role of different intermediaries, by defining eligibility criteria for the registration of intermediaries and regulating operating systems and functional procedures. SEBI being a quasi-judicial body is endowed with penal powers to deal with violations of the code by anyone of the Intermediaries registered with and functioning under its jurisdiction.